All articles tagged with #multifamily buildings
The real estate sector, particularly apartment buildings, which saw a rise in value over the years, is now facing a perilous situation as roughly $1 trillion in debt is coming due. Property owners are concerned about the impact of surging interest rates on their investments.
New York Community Bancorp is acquiring more than $34 billion in deposits and $13 billion in loans from Signature Bank, but leaving behind $11 billion in loans against rent-stabilized apartments in New York City, which have seen their values decline in recent years. The loans are considered "toxic waste" and have higher debt-to-value ratios than comparable portfolios owned by other banks. The FDIC, which brokered the deal, is left with the commercial real estate debt portfolio.